Cup week can do strange things – and not only to the citizens at Flemington. At the top end it often brings with it a change in the real estate weather; and it’s starting to look like a cool breeze is coming.
Much has to do with a surge of off-market offerings onto what for a moment looked like a booming open market. “Hot market? Let’s go public!”
Yes. But …
Some of these wonders have been looking for six months or more with no serious suitors. Blowing the big bucks in an on-market campaign is not going to make them any more attractive.
Beware The Ghost Who Bids
In the twilight world of off-market and EOIs there’s often word of big bids in the hope of attracting even more.
Strangely, these bidders seem to evaporate when no counter-offer is made.
Where dummies work the auctions, ghosts haunt here. If you suspect there’s one spoiling your party, walk away and see who follows.
The Time Of The Year For The Timing Of The Year
Again at EOIs. There’s a better than even chance that if the conversation has become intense, you are the only contender.
The pressure is now on the vendor. We’re in now-or-never pre-Christmas time.
What isn’t sold in the next few weeks is unlikely to attract a cheque until March; and you can be sure that agents are reminding their clients of just that.
Underquote An EOI?
It seems crazy, because the likely result is bids that vendors won’t accept.
Yet it’s happening. Quotes 20-25% below the real.
Why?
Agents grooming their own clients?
Perish the thought.
Bubbling
The home is good, the price is fair, it’s gone within the week with no need for a sales campaign.
More Gotta Go
They’ve bought, now they have to sell.
Some right now. No time. Gotta go.
The canny? If they have an extended settlement (and we’re seeing more and more of those) they’ll sell off-market or will surface next year.
Premium Visas = Premium Sales?
FIRB Looks Into Things while our Gov. makes $15m visas available.
Will the top end be killed in the rush?
Flip?
150 Kooyong Road. Land value.
Sold to a foreign investor on Saturday for $3,382,000
Sold at auction a couple of months ago for $3,290,000
Grin time for the agents.
David Morrell